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PIPS Scheme - How Does The People In Profit Wealth System WorkPIPS Scheme - How Does The People In Profit Wealth System Work
From limited information available, the PIPS scheme may be an illegal investment scheme under Australian law.
PIPS is promoted over the internet and in face to face meetings arranged by local agents. The scheme is known as PIPS, PIPS Inc, People in Profit System, Private Investment Profit System, Pureinvestor and PIPS Financial Services.
It appears that participating consumers are required to make a payment of $450 (or a greater amount) to PIPS as a loan for a period of 180 trading days. The loan is supposedly repaid with interest fixed at two per cent per trading day.
Returns of at least two per cent every trading day would amount to more than 14,000 per cent each year if compounded daily over 252 trading days. At that rate, if you put in $1,000, you would have $21,601,632 in just two years.
PIPS states that returns for the first 50-53 trading days constitute repayment of the initial loan and cannot be withdrawn. Subsequent returns constitute a profit on the initial investment and can be either withdrawn or re-invested. Members are strongly encouraged to re-invest their returns, and to make additional deposits to the scheme, to increase the overall growth of their investment. Members are also required to pay a monthly fee, which is automatically deducted from the returns on their investment.
Australians who wish to contact the Malaysian investigators at the BNM can do so by emailing info@bnm.gov.my. The BNM’s corporate communications team will pass on relevant information. Australians who have invested money in PIPS and require further information can contact the ASIC Infoline on 1300 300 630.
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